Bitcoin miner Bitfarms is adopting a "poison pill" to prevent possible takeover from peer and rival Riot Platforms.
Bitfarms said the plan, approved by the board of directors, "is being adopted to preserve the integrity of our previously announced strategic alternatives review process and is in the best interests of shareholders." Bitfarms rejected a nearly $1 billion acquisition proposal from Riot Platforms in April. Riot wanted to buy Bitfarms' outstanding shares at $2.30 a piece, a 24% premium on the one-month weighted average per share. Bitfarms said the deal undervalued the company.
On May 13, Bitfarms axed former CEO Geoffrey Morphy after he filed a $27 million suit against the firm for alleged breach of contract, wrongful dismissal and aggravated and punitive damages, The Block previously reported.Bitcoin miners have been releasing their production updates for May, the first full month since the latest Bitcoin halving event. To make up for lost revenue, some are making significant moves through strategic deals and diversifications.
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